Political Quotes

“I include in the Record the following letter from Thomas Barthold to Chairman Kevin Brody: Congress of the United States, Joint Committee on Taxation, Washington, DC, November 14 2017. Hon. Kevin Brady, House of Representatives, Washington, DC. Dear Chairman Brady: You asked me to comment on the changes made by H.R. 1 as ordered reported by the House Committee on Ways and Means in the context of Clause 5(b) of Rule XXI of the House of Representatives. Clause 5(b) of Rule XXI sets special passage requirements for measures that amend subsections (a), (b), (c), (d), or (e) of section 1 or section 11(b) or 55(b) of the Internal Revenue Code in a manner that imposes a new percentage rate of tax and thereby increases the amount of tax imposed by such section. H.R. 1 amends the relevant sections by eliminating the 10-percent bracket, which is obviated as a marginal rate as a result of the increase in the standard deduction provided in section 63(c) and makes general changes to the income thresholds at which the varying tax rate brackets apply and eliminating several other tax rates of present law. These changes combined with the increased value of the child tax credit (in section 24) result in virtually every taxpayer who formerly would have been in the 10-percent tax bracket having a lower tax liability under the changes that would be effectuated by H.R. 1 than they would under present law. Similarly, H.R. 1 eliminates the present-law 33-percent marginal tax bracket.…”